5 Facts About the Obama Homeowner Stimulus Plan

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I bought a home in November, I qualified for the stimulus for first time home buyer, And I still have not heard anything anything. I have filed my taxes allready, and now it will cost me to file an amended form. Is anybody out there know how long it takes?

Jeffrey reinhard of MI 7:16PM March 02, 2010

it's a very slow process; just waiting and waiting until balance accumulates. please help explain why.

natividad of HI 4:48PM February 12, 2010

i have a mortgage with wells fargo.i apply for a loan modifiaction back in april even though im not behind in my morgage its very tight. it toke them all this time to tell me i dont quilify.so i got a obama stimus flier in the mail and i got accepted to lower my interest rate and save 200 a monthy.is this stimus plan real it seems to good to be true

linda mills of NJ 9:13PM December 03, 2009

If you have a Fannie Mae or Freddie Mac loan you do not have to be behind on your mortgage to qualify for this program. If you have an FHA loan, there is help on the way that is similar to the HAMP (Obama Plan) Program. If you have a VA loan then yes you do have to be behind on your payments to qualify for help as there isn't a plan in place for VA at this time.
You do not need to call an attorney or pay anyone to help you do this. Call your lender! They can help for free. But, be patient. The lenders have been given this plan with no real direction or time to prepare for the thousands of calls this generates. Each file will be looked at by an indivdual and this takes time. Income will be evaluated and reporting to Fannie and the US Treasury will be done before a trial period is set up. You new payment will be based on 31% of your gross income. You must have income to qualify as your payment cannot be reduced to nothing.
You must supply your lender with the required documents in a timely manner so that they can evaluate your file. When you receive the initial packet from the lender read it carefully and provide everything that you can all at once. Most likely you will need to send 2 consecutive, recent pay stubs, your most recent tax return (signed) and any other documentation for income based on what you received, i.e., disability statements, retirement statements, etc. IF you are self employed the lender needs 2 years tax returns AND an up to date profit and loss statement for this year. You must fill out the financial form, including all the debts you pay, and the hardship affidavit. Return all of this to the lender ASAP.
Understand that thousands of others are also trying to do this too so it will take some time to get to everyone. Lenders are trying to help as many people as they can. Even people that work for lenders, like myself, are facing hardships too. I understand what you are going through. People like me want to help others and know what it is like to feel a loss of control when something happens and the threat of losing the home that your children live in is unbearable at times.

Hillary of IA 1:59PM August 06, 2009

Hello,
My name is Sean Rivers and I work for Alliance Law Center. Our center specializes in the Obama Home Modification Program. If you want to see if you qualify, please call me toll free at 1-888-252-5002 ext 1130. If I don't answer please feel free to leave me a message and I will get back to you as soon as possible.

Sean of CA 3:32PM July 28, 2009

I own and live in Elizabeth CO. 2 1/2 years ago my husband and I bought this home with an 80 20 loan. It was then that my husband had a brain anuerism resulting in a massive stroke. Due to his employment situation,(working over seas for a major drilling company and did not pay into Social Security) We do not have the appropriate amount of quarters to qualify for SSDI. I have lost my job back in January and am collecting unemployment. Not able to make my complete mortgage has put me behind. I don't want to lose my home because it is perfect for my husbands wheel chair and his disabilities. Please help me

Mandy Frye of CO 2:59PM June 30, 2009

wHY DO YOU NEED TO BE BEHIND IN YOUR MORTGAGE PAYMENTS? wE ARE POURING EVERY PENNY OF OUR SAVINGS TO AVOID JUST THIS?wE NEED HELP SO AS NOT TO DRAIN EVERY PENNY WE HAVE!!!

MD of CA 6:05PM June 01, 2009

My friend, it is sad to see the situation you and many Americans are in today. This economy is not helping at all!
Since you have been given the run around, go to your congress
man/woman and let them know what is going on. Some will take it upon themselves to help. Another suggestion is to reach out to HUD and or your local Mayor.
My prayers are with you and hope that it will turn 360 for you.
May God bless you in these times of trouble.

Gonzarelli of WA 3:38PM May 08, 2009

I have read or heard numerous things about the aid being offered to homeowners. However I am disappointed and discouraged to see that there is nothing for soldiers. Those of us who have faught so hard to make sure americans can contiue to live there lives free of terror.
So what happens to us and our homes. Are we to sit by and watch our dreams dwindle to nothing.
While VA loans are guaranteed they only protect the lender should a soldier default.
Where is our part in the stimulas plan.
I have served for 24 years and am in need of assistance. What do I do.

Duane Haney Retired MSG USARNG of IN 2:02AM April 06, 2009

Depending on where you live ther are many neighborhood housing service offices that could help. While I am just starting out and purchased a starter home, Neighborhood Housing Servies was able to get me a 80/20 loan with a 5% interest on the first loan and 4 percent on the second loan. they let you know to come in if ther is any problems and I can't keep up with the payments. they work with many organizations that supplies grants to help out.

Mary of PA 12:47AM March 25, 2009